One example is Berger New Generation (800-333-1001; $2,000 minimum investment; 0.25 percent load), run by William Keithler.

He previously ran Invesco Small Company Growth Fund, and delivered an annualized return from 1992 to 1993 of 24.6 percent. That compares favorably with 14.9 percent, the average return for other small-company growth funds.

But Mr. Keithler's record this year looks less impressive. The Berger fund lost 19 percent through April 21, worse than most small-company funds, according to Morningstar.

2. Find funds that don't do much marketing, or have high minimums that scare off investors. Morningstar points out five such no-load funds:

* Torray (800-443-3036; $10,000 minimum; $2,500 for individual retirement accounts), delivered a 26.4 percent three-year annualized return, top of the heap among the 593 funds in its investment objective. Year-to-date: down 1.3 percent.

Finally, one fund offers a new approach to the problem of size. Master's Select Equity (800-960-0188; $5,000 minimum; no load), managed by Ken Gregory, promises to close its doors to newcomers at a level that will preserve the focus of the fund.

But it divides the fund's portfolio among six different top-gun portfolio managers. They will each contribute their best 15 ideas, thus avoiding the problem of a fund loaded with "filler" stocks.